Construction
PNC Infratech Limited, together with its subsidiaries, operates as an infrastructure investment, development, construction, operation, and management company in India. The company undertakes various infrastructure projects, including roads, highways, bridges, flyovers, power transmission lines, airport runways and pavements, rural drinking water supply, irrigation, industrial area development, rail freight corridors, and other infrastructure projects. It also provides end-to-end infrastructure implementation solutions, such as engineering, procurement, and construction services on a fixed-sum turnkey basis, as well as on an item rate basis; and executes and implements projects on a design-build-finance-operate-transfer, operate-maintain-transfer, hybrid annuity model, and other public-private partnership formats. The company was formerly known as PNC Construction Company Limited and changed its name to PNC Infratech Limited in August 2007. PNC Infratech Limited was founded in 1989 and is headquartered in Agra, India.
Buy Backs: Company has bought back it's stock in the past which is a good thing.
Smart Money: Smart money has been increasing their position in the stock.
Profitability: Recent profitability of 15% is a good sign.
Size: Market Cap wise it is among the top 20% companies of india.
Balance Sheet: Reasonably good balance sheet.
Growth: Poor revenue growth. Revenue grew at a disappointing -7.6% on a trailing 12-month basis.
Comprehensive comparison against sector averages
PNCINFRA metrics compared to Construction
Category | PNCINFRA | Construction |
---|---|---|
PE | 6.21 | 31.83 |
PS | 0.9 | 1.6 |
Growth | -7.6 % | 7.3 % |
PNCINFRA vs Construction (2021 - 2025)
Summary of PNC Infratech's latest earnings call, featuring management's outlook on business performance, financial results, and analyst Q&A sessions that highlight key strategic initiatives and market challenges.
Last updated: Feb 25
Outlook by Management:
PNC Infratech anticipates accelerated project awarding activity in Q4 FY25 and FY26, driven by increased government allocations (Rs.2.8 lakh crore to MoRTH, including Rs.1.8 lakh crore for NHAI) and resolution of land acquisition delays. The company expects order inflows of Rs.13,000"“15,000 crore in FY25 and similar targets for FY26, focusing on EPC and HAM projects. Revenue is projected to grow 35% in FY26 after a 25"“30% decline in FY25. Margins are expected to stabilize at ~13% (standalone) and ~25% (consolidated).
Key Points:
Management remains optimistic on execution post-ban lift (Feb 2025) and improved working capital cycles.
Last updated: Feb 25
Question 1:
How is PNC Infratech's order inflow outlook for the remainder of FY25 and FY26, particularly from NHAI and MoRTH post the lifting of bidding restrictions?
Answer:
Management expects order inflows of Rs.6,000"“9,000 crores in FY25's remaining 6"“7 weeks, leading to total FY25 inflows of Rs.13,000"“15,000 crores. For FY26, similar inflows of Rs.13,000"“15,000 crores are anticipated, driven by accelerated NHAI/MoRTH tendering post-elections, with road projects dominating the pipeline.
Question 2:
What is the revenue guidance for FY25 and FY26, including core construction trends?
Answer:
FY25 standalone revenue is expected to decline 25"“30% YoY (including arbitration income). FY26 revenue is projected to grow ~35% over FY25, driven by new order execution and normalized project starts post-land acquisition delays. EBITDA margins are guided at ~13% for FY26.
Question 3:
How is working capital management progressing, given the rise to 167 days?
Answer:
Higher working capital (167 days as of December 2024) is temporary due to advances for 8 mobilized-but-delayed projects and Rs.440 crore mutual fund investments. Normalization to 105"“110 days is expected as projects commence and advances adjust against billings.
Question 4:
What is the status of Maharashtra projects (Nanded-Jalna, Pune Ring Road, CIDCO) and execution timelines?
Answer:
Nanded-Jalna work has started; Pune Ring Road and CIDCO projects will begin physical construction in Q4 FY25. Full revenue contributions are expected from Q1 FY26, with all projects on track for timely completion.
Question 5:
Update on Jal Jeevan Mission (JJM) receivables and execution outlook.
Answer:
Rs.792 crore receivables (as of Dec 2024) are pending due to state fund delays. FY25 JJM revenue is guided at Rs.800"“850 crore, rising to Rs.1,200 crore in FY26 as budget allocations improve. Projects will transition to O&M progressively through FY27.
Question 6:
When will appointed dates for pending HAM projects be secured?
Answer:
Appointed dates for Rs.4,100 crore HAM projects are expected by March 2025, with execution starting in Q1 FY26. Land acquisition progress has improved, enabling pre-monsoon activity.
Question 7:
Details on asset monetization progress and equity returns?
Answer:
11 of 12 assets (Rs.1,619 crore equity invested) are slated for monetization by March 2025, with approvals secured for 8 projects. Returns are expected at ~1.67x equity. The remaining asset will close by FY26 Q2.
Question 8:
What caused the reduced disqualification period for bidding, and how will it impact participation?
Answer:
The disqualification period was reduced from 12 to 4 months following procedural compliance. Bidding for NHAI/MoRTH projects resumes from February 18, 2025, with no restrictions.
Question 9:
Breakdown of order book segments (highways, water, etc.) and margins.
Answer:
Unexecuted order book (Rs.18,900 crore) comprises 75% highways (30% NHAI/MoRTH, 70% others) and 25% water/canal/rail. Margins are consistent across segments, supporting FY26 EBITDA guidance of ~13%.
Question 10:
What is the liquidity position and debt outlook?
Answer:
Standalone net cash is Rs.345 crore (Rs.743 crore cash vs. Rs.397 crore debt). Consolidated net debt/equity is 1.58x (Rs.9,332 crore debt; Rs.1,701 crore liquidity). Equity for pending HAM projects (Rs.809 crore) will be funded via internal accruals.
Analysis of PNC Infratech's financial performance, highlighting revenue trends, growth patterns, and key metrics through quarterly analysis.
Last Updated: Dec 31, 2024
Description | Share | Value |
---|---|---|
Road | 68.1% | 1 kCr |
Toll/Annuity | 18.9% | 277.3 Cr |
Water | 13.1% | 191.9 Cr |
Total | 1.5 kCr |
Understand PNC Infratech ownership landscape with insights into key distribution patterns, offering investors a clear view of stakeholder dynamics.
Shareholder Name | Holding % |
---|---|
Ncj Infrastructure Private Limited | 9.65% |
Hdfc Small Cap Fund | 9.59% |
Vaibhav Jain | 8.72% |
Madhavi Jain | 7.02% |
Yogesh Kumar Jain | 6.55% |
Pradeep Kumar Jain | 5.98% |
Chakresh Kumar Jain HUF | 3.61% |
Hsbc Value Fund | 3.29% |
Ashita Jain | 3.07% |
Icici Prudential India Opportunities Fund | 3% |
Meena Jain | 2.89% |
Naveen Kumar Jain | 2.88% |
Uti Value Fund | 2.73% |
Pradeep Kumar Jain HUF | 2.05% |
Yogesh Kumar Jain HUF | 1.99% |
The Master Trust Bank Of Japan, Ltd. As Trustee Of Hsbc India Infrastructure Equity Mother Fund | 1.68% |
Axis Mutual Fund Trustee Limited A/C Axis Mutual Fund A/C Axis Small Cap Fund | 1.48% |
Tata Focused Equity Fund | 1.29% |
Chakresh Kumar Jain | 0.98% |
Abhinandan Jain | 0.68% |
Distribution across major stakeholders
Distribution across major institutional holders
Valuation | |
---|---|
Market Cap | 7.06 kCr |
Price/Earnings (Trailing) | 6.22 |
Price/Sales (Trailing) | 0.91 |
EV/EBITDA | 2.75 |
Price/Free Cashflow | -28.14 |
MarketCap/EBT | 4.49 |
Fundamentals | |
---|---|
Revenue (TTM) | 7.8 kCr |
Rev. Growth (Yr) | -26.7% |
Rev. Growth (Qtr) | 3.3% |
Earnings (TTM) | 1.14 kCr |
Earnings Growth (Yr) | -56.02% |
Earnings Growth (Qtr) | -2.52% |
Profitability | |
---|---|
Operating Margin | 20.18% |
EBT Margin | 20.18% |
Return on Equity | 19.48% |
Return on Assets | 6.71% |
Free Cashflow Yield | -3.55% |
Investor Care | |
---|---|
Dividend Yield | 0.42% |
Dividend/Share (TTM) | 1.1 |
Shares Dilution (1Y) | 0.00% |
Diluted EPS (TTM) | 21.85 |
Financial Health | |
---|---|
Current Ratio | 2.37 |
Debt/Equity | 1.51 |
Debt/Cashflow | -0.03 |
Detailed comparison of PNC Infratech against industry peers, highlighting key financial metrics, valuation ratios, and performance indicators to provide competitive context within the sector.
Ticker | Name | Mkt Cap | Revenue | Price %, 1M | Returns, 1Y | P/E | P/S | Rev 1-Yr | Inc 1-Yr |
---|---|---|---|---|---|---|---|---|---|
LT | Larsen & ToubroCivil Construction | 4.58 LCr | 2.52 LCr | -5.01% | -10.41% | 27.68 | 1.81 | +16.75% | +10.26% |
NCC | NCCCivil Construction | 13.72 kCr | 22.7 kCr | +1.67% | -14.21% | 16.3 | 0.6 | +16.85% | +19.48% |
HGINFRA | H.G. Infra EngineeringCivil Construction | 7.07 kCr | 5.42 kCr | +3.56% | -5.66% | 12.9 | 1.31 | +3.73% | +5.57% |
KNRCON | KNR ConstructionsCivil Construction | 6.52 kCr | 5.61 kCr | +0.30% | -11.78% | 4.88 | 1.16 | +30.70% | +141.21% |
DBL | Dilip BuildconCivil Construction | 6.44 kCr | 11.72 kCr | -2.37% | -3.86% | 11.38 | 0.55 | +1.14% | +339.29% |